Bumper H1-25, AUM up 14% driven by inflows
Tatton has recorded an exceptionally strong start to the next leg of its growth journey: in June ’24 it set a target of reaching £30bn of Assets-Under-Management or Influence (AUI) by end-FY29, an 11% CAGR. But H1-25 (to 30 Sep 24) saw AUM jump 14% in just six months from £16.6bn to £18.9bn. Net inflows contributed £1,832m (22% p.a. inflow rate), and investment returns £534m (3.2% over 6m), in line with the MSCI PIMFA Private Investors Balanced Index. Including the AUM of 50%-owned 8AM Global, AUI totalled £19.9bn on 30 Sep 24.With so much uncertainty around the UK budget (due 30 Oct 24), which could have implications for investors’ capital allocations and financial markets, we feel it prudent to wait a few weeks before updating forecasts, until Tatton’s interim results on 13 Nov. But we certainly see potential for a substantial upgrade if growth continues anywhere close to the current rate. Our June 24 note details our current valuation of 640p per share & Tatton’s growth opportunities in more detail.
Tatton Asset Management is engaged in providing a range of services to the Financial Conduct Authority ("FCA") directly authorized financial adviser ("DA IFA") marketplace encompassing discretionary fund management, regulatory and compliance services and mortgage services. Co.'s discretionary portfolio management ("DFM") service operates on ten United Kingdom adviser WRAP platforms and can be integrated into the growing number of adviser WRAP platforms in the market. Co. provides support services to independent financial advisors ("IFA"s), enabling DA IFA firms to provide compliant and effective investment portfolio management for their platform based clients.
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